When a group of workers forms a union, they introduce an element of
A) pure competition into the labor market.
B) monopoly into the labor market.
C) monopoly into the product market.
D) monopsony into the product market.
Answer: B
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Briefly state several reasons for the decline in sales for McDonald's in 2001-2002
What will be an ideal response?
A movement along a consumption function is caused by:
a. a change in households' real assets. b. a change in interest rates. c. changes in taxation policy. d. expectations of price changes. e. changes in households' disposable incomes.
The value of money changes over time because:
A. the government collects taxes. B. there is an opportunity cost of waiting for money in the future. C. people prefer to save money rather than spend it immediately. D. none of the reasons listed here cause the value of money to change over time.
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. If policy makers take an action at time t4, the impact on the economy will not be at time t4 because
A. of the recognition lag. B. economic policies are ineffective. C. of the implementation lag. D. of the response lag.